Vail Resorts, Inc. (NYSE:MTN) Q1 2024 Earnings Conference Call December 7, 2023 5:00 PM ET
Company Participants
Kirsten Lynch - Chief Executive Officer
Angela Korch - Chief Financial Officer
Conference Call Participants
Shaun Kelley - Bank of America
Laurent Vasilescu - BNP Paribas
Jeff Stantial - Stifel
Matthew Boss - JPMorgan
David Katz - Jefferies
Patrick Scholes - Truist Securities
Chris Woronka - Deutsche Bank
Megan Alexander - Morgan Stanley
Operator
Good afternoon, and welcome to the Vail Resorts' Fiscal First Quarter 2024 Earnings Call. Today's conference is being recorded. Currently, all callers have been placed in a listen-only mode, and following management prepare remarks, the call will be opened up for your questions. [Operator Instructions]
I will now like to turn the call over to Kirsten Lynch, Chief Executive Officer of Vail Resorts. You may begin.
Kirsten Lynch
Thank you. Good afternoon, everyone. Welcome to our fiscal 2024 first quarter earnings conference call.
Joining me on the call this afternoon is Angela Korch, our Chief Financial Officer.
Before we begin, let me remind you that some information provided during this call may include forward-looking statements that are based on certain assumptions and are subject to a number of risks and uncertainties, as described in our SEC filings, and actual future results may vary materially. Forward-looking statements in our press release issued this afternoon, along with our remarks on this call are made as of today, December 7, 2023, and we undertake no duty to update them as actual events unfold.
Today's remarks also include certain non-GAAP financial measures. Reconciliation of these measures are provided in the tables included with our press release, which along with our quarterly report on Form 10-Q, were filed this afternoon with the SEC and are also available on the Investor Relations section of our website at www.vailresorts.com.
With that said, let's turn to our fiscal 2024 first quarter results. We are pleased with our results for the quarter, which exceeded our expectations due to the timing of expenses primarily related to season ramp-up activities.
As we expected, resort-reported EBITDA declined compared to the prior-year period, primarily driven by cost inflation, $14 million lower EBITDA from our Australian resorts due to normalized results following record demand and favorable conditions in the prior fiscal year as well as from current year weather-related challenges that impacted terrain, $4 million lower EBITDA from our North America summer operations due to lower demand for summer mountain travel and weather-related challenges, and $4 million negative impact from foreign exchange rates.